KL&Partners Buys About 65% of Hapa Kristin Operator PPB Studios for About $96.6m
The color contact lens brand was bought without acquisition financing; the ~$148.3m valuation is about 40x 2025 operating income.
- Deal value
- $97m
- Stake
- 65%
- Implied 100%
- $148m
- Revenue
- $41m
- Op. income
- $4m
- Multiples
- EQV/EBIT 39.8xPSR 3.7x
구주
Secondary price of about KRW 140bn ÷ ~65% stake (the article's ~KRW 215bn)
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260424000314
- Target
- PPB Studios (Hapa Kristin) · Color contact lens brand
- Buyer
- KL&Partners · FI
- Seller
- Largest shareholder Vision Equity Partners (about 42.97%) and others
- Structure
- Secondary
- Announced
- Jul 9, 2026
- Closed
- —
- Stage
- Closed
Target
PPB Studios, founded in December 2011, is a contact lens company operating the color-lens brand Hapa Kristin (launched 2019, fronted by Jang Won-young); it expanded overseas from launch and derives a large share of sales abroad. Consolidated revenue was KRW 39.2bn (2023), 49.0bn (2024) and 58.9bn (2025).
Deal rationale
KL&Partners (KLN Partners) signed an SPA in July 2026 to buy about 65% control, including the stake of largest shareholder Vision Equity Partners (about 42–43%), for roughly KRW 140bn, reportedly funded from undrawn commitments of an existing blind fund plus a co-investment fund anchored by Misto Holdings (formerly Fila Holdings). Herald reported KLN valued the global color-lens market's growth, noting online lens sales are legal abroad; The Bell cited customer-base synergies with Misto's sports brands. Per Asiae (2023), Vision Equity Partners had invested about KRW 50bn for 42%.
| Revenue | $41m |
| Operating income | $4m |
| EBITDA | — |
| Net income | — |
2025 연결 · DART-verified · 20260424000314
Lead
Private equity firm KL&Partners bought about 65% of PPB Studios, operator of color contact lens brand Hapa Kristin, for about $96.6m. The share purchase agreement was reported in July 2026 and the deal closed the same month. No acquisition financing was used.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It follows KL&Partners’ 2025 acquisition of Manyo Factory. The largest selling shareholder was VIG Partners (about 42.97%), making it a fund-to-fund secondary deal. The enterprise value of about $148.3m was reported at roughly 3.7x 2025 revenue and about 40x operating income.
Deal terms
| Item | Figure |
|---|---|
| Deal value | about $96.6m (existing shares) |
| Stake acquired | about 65% |
| Enterprise value (reported) | about $148.3m |
| 2025 results (consolidated) | revenue $40.6m, operating income $3.7m |
| Reported multiples | about 3.7x EV/revenue, about 40x EV/operating income |
Financials from the DART 2025 consolidated audit report. Revenue grew from $27m in 2023 to $40.6m in 2025.